Polling in Vellore was scheduled on April 18.
After the Trinamool's overwhelming majority in the West Bengal assembly elections last year, the SSC scam has given fresh ammunition to the Bharatiya Janata Party and the Communist Party of India-Marxist. Ishita Ayan Dutt reports.
What's the real reason behind ATMs running dry even in states that are not election-bound, wonders Nivedita Mookerji.
Raids are being carried out across the country by the Income Tax department in the wake of the burgeoning fake currency racket post demonetisation, as currencies both new and old have been seized in large amounts from Bengaluru, Panjim and Faridabad besides the national capital.
If RBI has to replace the entire stock of Rs 1,000 and Rs 500 notes with Rs 100 ones, the cost would be more than Rs 10,000 crore.
Having a single point KYC that is automatically used across all financial and non-financial entities is a single piece of reform that should be an easy win to achieve, points out Harsh Roongta.
"Cash is still quite high in the system. There is also stocking of Rs 2,000 notes in evidence. The expansion of digital payments is taking place all over the world. It is happening in India as well. The pace is much slower," S C Garg, who took VRS from government service after he was abruptly shifted out of the finance ministry, said in a note.
In yet another move to close the regulatory gap between banks and shadow banks, the Reserve Bank of India (RBI) has mandated exposure limits to the non-banking finance companies, in line with commercial banks. In the large exposure framework released on Tuesday, the regulator capped aggregrate exposure of NBFCs which are in the upper layer toward one entity at 20 per cent of capital base. The limit can only be extended by another 5% with board's approval. For a particular borrower group, the cap is at 25 per cent, with additional 10 per cent if exposure is towards infrastructure.
On October 18, the tax department had said searches had led to detection of undisclosed income of more than Rs 500 crore in addition to Rs 93 crore worth seizures, including gold jewellery and diamonds. A revised appraisal of such seizures now pegs its value at Rs 106 crore which includes cash (Rs 45 crore), gold jewellery and diamonds (Rs 41 crore) and foreign currency Rs 20 crore.
This is not her first stint in North Block or in leading a major economic ministry. She started Prime Minister Narendra Modi's first term as minister of state for finance, was made the commerce minister, and then became the defence minister.
What was recovered from Bhajiawala family: Rs 1.45 crore cash, of which about Rs 1.05 crore was in new currency notes, bullion worth Rs 1.49 crore, gold jewellery valued at Rs 4.92 crore, other ornaments worth Rs 1.39 crore and silver ingots priced at Rs 1.28 crore.
The Crime Branch and Delhi Police had earlier on December 11carried out raids at the office of his firm T&T Law and seized nearly Rs 13.5 crore, of which Rs 2.6 crore was in new banknotes released after demonetisation.
There is money to buy the central public sector enterprises, but buyers will need a firm assurance that the disvestment programme will keep environment issues front and centre of their corporate plans.
The Enforcement Directorate on Wednesday said it has arrested two persons in Chennai for alleged illegal exchange of Rs 6 crore in old notes "in connivance with" sand-mining baron J Sekhar Reddy as part of its money laundering probe post demonetisation.
The SBI said its officials were ferrying Rs 570 crore after the Reserve Bank of India asked them to, to address a temporary cash shortage in Andhra Pradesh.
The tax department will analyse mismatches in income declarations and spending patterns to trace tax evasions and black money.
The income-tax department has created various functionalities under its Project Insight, which will provide the 360-degree profile of taxpayers, including new and non-filers to gauge their accountability and tax liability. The tax department had on March 15 put out instructions for tax officials for accessing the insight.
'We had decided that India was unique and had overcome Covid.' 'Other nations ordered vaccines on time.' 'They let their scientists determine whether the battle against the pandemic was won instead of a divinely inspired leadership,' asserts Aakar Patel.
The idea is to keep the RBI's information technology (IT) infrastructure in top shape to run the payments and settlement system uninterrupted 24x7, and run the full gamut of RBI functions from the secured data centres, as nearly 14,000 RBI staffers, except the senior-most management, work from home.
Official sources said the ED will focus on the event managers and will also issue summons to them under the Foreign Exchange Management Act (FEMA) to explain how they got the foreign exchange that was paid to the singer.
The CBI and ED are keeping a close eye on several bank accounts.
The RBI 'assured people' that enough cash in small denominations is also available at banks.
The correlation between withdrawal of deposits and the Covid death rate is stark, reveals Tamal Bandyopadhyay.
Theoretically, Modi, who understood corporate finance, committed no crime by raising debt to fund a growing business. In fact, he did a tidy job of it, but his operation started to see the ground underneath it give way in January 2018. A fascinating excerpt from Pavan C Lall's Flawed: The Rise And Fall Of India's Diamond Mogul Nirav Modi.
Many Indian companies provide outsourcing services to various American entities, including large banks and financial institutions.
Officials said it had informed the RBI about these alleged malpractices earlier and is regularly updating it about such modus operandi being deployed
Heading to the third year, will Urjit Patel be busy firefighting a currency crisis? Almost no governor of the RBI managed to evade it and Patel perhaps knows it.
The chances of the posts opening remain slim, with security agencies recently identifying 10 suspects who smuggled in weapons, narcotics and fake currency.
Historically, the RBI has tried to keep the crooks at bay by issuing a circular a day. What it needs is more onsite supervision. Merely checking high-frequency data with the help of technology is insufficient, notes Tamal Bandyopadhyay.
NRIs could run into difficulties if they possess discontinued currency notes amounting to a high value.
Rediff.com's Syed Firdaus Ashraf traces the journey of PM-CARES from its founding to finally admitting it is not a government fund.
A self-styled commander of the Kamtapur Liberation Organisation, who was allegedly involved in the killing of an agriculture department engineer, was shot dead in an encounter with security forces at Nayakgaon village in lower Assam's Kokrajhar district.
Bitcoin has been on fire ever since Musk announced that Tesla had bought $1.5 billion of the cryptocurrency, and that his electric-vehicle company would accept bitcoin from buyers.
Some people have tried to secure their unaccounted cash by donating it to temples by taking its management into confidence and making receipt of such donations as anonymous donors
At ATMs, as a step to avoid getting Rs 2,000 notes, people are withdrawing Rs 1,900 in Rs 100 notes and then putting another request for the balance Rs 600, so that they remain within the limit of Rs 2,500 per day of withdrawal.
The rupee largely shrugged off the high volatility in stocks and rebounded sharply towards the fag-end trade following bout of dollar selling by exporters
Financial Intelligence Unit data show many of these societies have become the biggest draw for laundering money. Subhomoy Bhattacharjee reports.
Devastation struck Venezuela when oil prices started collapsing in 1982, following a global oil glut. The country's economy contracted overnight.
It has conducted searches against four bureaucrats based in Uttar Pradesh and Uttarakhand over the last three days.
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